Retail Properties of America, Inc. (NYSE: RPAI) today announced that it has entered into its first leases with lululemon athletica inc. (“lululemon”), bringing lululemon’s trend-setting athletic apparel to Southlake Town Square (“Town Square”) in Southlake, TX and The Shops at Legacy (“Legacy”) in Plano, TX, further establishing these lifestyle centers as leading shopping destinations in Texas.
“We are very excited to partner with lululemon, a best-in-class athletic apparel retailer, at our premier Town Square and Legacy properties,” said Shane Garrison, executive vice president, chief operating officer and chief investment officer of RPAI. “This announcement is an example of the increased demand from a broad spectrum of retailers we are seeing for small shop space in today’s marketplace. RPAI’s new leases with lululemon increase the diversity of our tenant base and demonstrate the quality of our portfolio. As we continue our proactive remerchandising approach, we are intently focused on capturing the right tenants for all of our properties that will drive increased consumer traffic and have both strong credit qualities and attractive long-term prospects.”
The lululemon leases, which total 6,423 square-feet, include 3,243 square-feet at Town Square and 3,180 square-feet at Legacy. RPAI has additionally signed new and renewal small shop leases of 114,680 and 76,909 square feet to Town Square and Legacy, respectively in the last 12 months.
Located in the heart of the Dallas-Fort Worth Metroplex in Southlake, Texas, Southlake Town Square is known worldwide as the blue print for success in open-air lifestyle urban developments. Opened in 1999 and expanded progressively since that time, the 130-acre Town Square boasts more than 120 specialty retail shops and restaurants including Apple, Michael Kors, J.Crew and Coach. The center is also home to a 14-screen Harkins Theatre, an upscale urban Hilton Hotel, offices, city and county government buildings, a U.S. Post Office and residential brownstones.
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